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melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at the next ten y
economy back to work and create jobs, jobs, jobs. that's what this is about. our deficit has been coming down and the patient approach is to recognize that we actually have time. we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther a
people like laura tyson writing columns calling for the need for a plan for faster growth, not deficit reduction. what is the president -- i know you've talked about how all the president's plans envision job creation, but what does the president tell his advisors when he sees these signs of a sluggish recovery? what is he asking in the way of things to speed recovery, create jobs and stimulate growth? >> i'll go to the narrow question first. every time the president meets with his economic advisors to discuss policy proposals and refinements to existing policies, the focus is on job creation and economic growth. and that includes when we have discussions about deficit reduction. as i've said many times and as the president has made clear, deficit reduction is not a goal unto itself. it is a means to, if done right , the desired goal, which is greater growth and greater job creation. as part of an overall economic policy. i would note that today's jobs figures and the revisions that we saw in previous months' jobs figures mean that over 35 months we have created 6.1 million private sec
and revenue growth? clarification from washington. a grand bargain encompassing a deficit reduction for ten years like tax reform and titlement reform. discretionary titlement reform. and debt extension for maybe two years. first, the recession needs it stabilize there. but a clear road to fiscal, banking reforms and indication that europe is serious about improving competitiveness. third, resumption of growth in emerging economies led by china. finally, the fed successfully engineering a modest increase in interest rates without unleashing run away inflation. i know, tall orders. >> this is a tall order, bob. >> but this would create a huge boost of business confidence. capital expenditures and hiring would increase and revenues would rise. finally, sue, on a day when the dow passed 14,000, it is forth while noting that the last time the dow passed 14,000, valuations were much higher with the ratio for the s&p at that time was 22. about 14 right now. what does that mean? well, historic average for the s&p 500 is 15, it means the market was way overvalued, sue, in 2007. today it is somewhat
with smarter spending reductions to bring down the deficit. we can do it in a gradual way so that there is less of an impact. these deductions that certain folks can take advantage of, the average person cannot. not everyone has access to cayman island accounts, the average person does not have access to carry interest income, where they wind up paying a much lower rate on the billions that they earned. we want to make sure that the whole system is fair and transparent and that we are reducing our deficit in a way that does not hamper growth and reduce the kinds of strategies that we need in order to make sure that we are creating a strong middle-class. host: jim from south carolina, on the republican line, good morning. caller: how are you? host: well, thank you. caller: you keep mentioning and hearing people talking about pensions, but pensions are just invested the same way that 401k is. stocks and bonds. people with pensions lost money as well. i heard cases where people were not going to get as much money. if someone is manages their 401k, i do not know, it needs to be managed properly and
the deficit automatically picks up because there's slow revenue coming in and there's the need to spend on programs to help ease us through a slow period. it was wise policy, wise policy. >> bob, what do you think? >> well, i agree with laura that a better policy would be to put these cuts into entitlement reform and have them occur over time rather than immediately and abruptly, but it doesn't seem like the other side it s willing to engage in discussion of entitlement reform right now, so maybe we need to go ahead and do what we have to do and then keep the negotiations open. >> is that the issue then, laura? since we can't come to a deal when the republicans feel like they have leverage, they have got to do it when they can do it? >> i honestly don't think so. we have elections coming up in two years. i've heard republican members of the hill saying that this is what the public wants, the public wants a sequester. the public doesn't want a sequester. when the public realizes what a sequester means for jobs in their community, for education programs in their community, for the fact th
, he talked about the economy. when it comes to tackling the nation's deficit, president obama said sunday in an interview with cbs news there needs to be revenue involved. and it sounds like he might be interested in going after people like mitt romney. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so that it doesn't have a huge impact. and as i said, when you look at some of these deductions that certain folks are able to take advantage of, the average person can't take advantage of them. the average person doesn't have access to cayman island accounts. the average person doesn't have access to carried interest income where they end up paying a much lower rate on billions of dollars that they've earned. so we just want to make sure that the whole system is fair. >> all right. steve, help me out here. i think the democrats are holding a losing hand if they come back and ask for more taxes. they talk about raising tax rates on anybody. but if we're talking about closing loo
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
and deficit, fixing the education system for the most vulnerable is the way he puts it. the way he talks about immigration, are those things that will resonate? >> i think jonathan's right. what the republican party used to stand for, when george h.w. bush was president, is something that the republican party doesn't seem to stand for for most americans anymore. what they seem to stand for today is being, you know, insensitive on immigration. and not being mindful of a woman's -- you know, women's rights and there are symbols that the republican party promotes, like, they say they're for education, but they want to abolish the department of education. and i think that makes it difficult for them to cut through. if eric cantor can do it, then it needs to be done. but i'm just -- i think that there are candidates out there every single cycle that get in the way of the republicans try to rebrand and they are back in this same position every two years. >> eric cantor is not alone, for sure, jonathan, your old boss, or i guess your boss, karl rove, as how often talked about trying to fix the image
and deficit. to put a plan in place. it's not just because we want to send a signal to the markets that washington's getting its act together. that's true. and that's a good result. but, it really is to help people. we don't want to see interest rates go up and the need for higher taxes. we don't want to see burden laid on the families, and individuals just coming out of school or seniors. we're trying to put us on a path to a growing economy, where there's more opportunity. >> but eric, you're still in a position of trying to sugarcoat a position of telling people that they are going to be getting less. that you're not going to make the same loans available, that this is a -- this is something that the president campaigned on very successfully. it's that situation. it's the immigration situation. are these different positions or this is just a new way of saying the same thing? >> look. what we're saying is our policies are the best path forward to help people in their lives. and the conservative principles of not spending money you don't have, of making sure that you put in place
. total tax revenues last year were 2.5 trillion. and so if you talk about trillion dollar deficits, it's not terribly difficult to look forward and doing something to really be talking about 2 trillion. >> 2030 or 2025 and it just keepts getting worst. >> it gets worse. there are 10,000 people a day turning 65 for the next 19 years. and this is the baby boom. >> this is what you do, too. as an insurance company it's all about actual aerial assumptions. so you actually know this. i think people will look at you and get glazed that's not for sure that that's going to happen. as an insurance company you need to know and you are sure. >> the demographics are clear between 2000 and 2010, so history, the age group of 55 to 64 grew by 75%. >> wow. >> that's the group that's going to move into the entitlement arena. so i'd like to think about it differently than most. rather than debating it as a taxing problem or spending problem, it's a demographic challenge that we've never faced before. we've never faced what's going to come at us -- >> and it's combined with all the expensive medicine we'
the deficit under control. >> alan, talk to us about the context of the economy in light of that policy. do you think there's any risk that perhaps the fed might not step away from its policies in terms of buying assets soon enough? >> melissa, as you know, we have a long-standing practice of not commenting on the fed. the federal reserve board is an independent agency. so i'll respectfully decline. but i think what's important is that the administration and congress continue to make the steps to build a stronger economy, an economy that works better for the middle clags and helps put us on a path of a sustainable budget in a balanced way. >> let me put it another way, alan, then. do you think the economy is stronger than what wall street is forecasting right now? in the jobs numbers? >> i think the main risk we face right now is that congressional gridlock could prevent us from making a step we need to build a stronger economy, an economy that works better for the middle class. we are seeing improvements in the housing sector, since housing was ground zero for the financial crisis. i think
deficit. >>> it's another first tied to the catholic church abuse scandal. the archbishop of los angeles ordered roger mahony to stop performing any public church duties because of his connections to that scandal. this game after the archdiocese released private files of priests suspected of molesting children. the decision on this came yesterday after years of lawsuits and very emotional legal battles. it has support of the nearly 4 million catholics. >> i think it's good that the information is coming out. >> yes. secrecy is what keeps the abuse going. >> back in 2007, the archdiocese was involved in a record-breaking civil settlement in the church scandal. it reached a $660 million settlement with more than 500 victims of child molestation. >>> a traffic safety program for children in the san ramon valley is kicking off its 9th year. street smarts was started by bob and carmen after their two children were killed by an impaired driver in 2003. the goal of streets smart is to educate drivers, bicyclists, and pedestrians about road safety. students participate by creating story books, a
's fiscal uncertainty and is doing so nervously. >> we have massive deficit, big tax increase. no apparent willingness to get government off people's backs by reducing government spending. all of that is a heavy weight on the private sector. firms around the nation are sitting on their cash instead of creating jobs. >> on wednesday, the commerce department announced economic growth fell to a minus tenth of a percent, the last three months of last year. so the chairman of the president's council of economic advisors says other indicators remain positive. >> consumer spending increased. business investment; particularly, for equipment and software was strong. residential construction was strong. we are seeing signs of that in the jobs report. >> it also showed a larger number of people dropped out of the labor force than found jobs. former administration economist says some of that is to be expected. >> the population is aging, so we expect to have a fair number of people retiring every month for the next ten years or more as the baby boom is retiring. >> actually, the conference board repor
. let's reform the defense budget and look at the largest drivers of our deficit in mandate spending programs those on the left end of the spectrum don't want to cut. >>brian: they took gates cuts and are going try to up them by $500 billion. leon panetta takes over from them. has the same fear. here's what he said yesterday on "meet the press." >> we've got a plan for that possibility because there are so many members saying we're going to let it take place, but i have to tell you it is irresponsible for it to happen. i mean, why -- why in god's name would members of congress elected by the american people take a step that would badly damage our national defense, but more importantly undermine the support for our men and women in uniform? why would you do that? >>brian: that is inaccurate. it is the president who proposed these sequester cuts. this isn't congress doing that. and republican fear about these cuts, would you say that's accurate? >> i would say it's accurate. there is a growing resignation to them on the hill for some reason. i was there two weeks ago. everyone seems re
... >> reporter: at one point they led 28-6 and no team ever came back from more than a 10 point deficit to win the super bowl but the 49ers roared back in the second half and the thrilling rally ended five yards short less than two minutes to go and look at this play, right there, ravens won 34-31. >>> oh, yeah, last night fireworks lit up the sky in many parts of san francisco, a lot of 49ers fans wanted to celebrate another 49ers win but after that tough loss, a lot of fans decided to celebrate, it is just a fantastic season for the 49ers and they are already looking forward to next year. >>> well, thousands of 49ers fans packed san francisco bars to watch the game but police say there were some arrests after being mostly peaceful. alex is here to talk about crowd control effort. >> reporter: they did not use their disappointment to cause problems, only a handful of issues for police who were out in force prepared for potentially rowdy crowds and they were focused on hot spots and that includes here in the mission district where we have not seen much in the way of police activity, mostly jus
of that cycle? with some of the problems that we're facing right now with the deficit issues, with the entitlement issues that are coming up, how do we get politicians to start talking about some of those tough realities? >> i don't know. the ones that do get slaughtered. i don't know how we do it. i wish i were that smart. >> do you think it's holding back business at this point? or does business operate kind of outside the sphere of what's happening in washington. >> oh, you can't operate outside the sphere. the last few years, where anybody in a corporation was considered evil, and i really felt that way. i know my colleagues felt that way, you have to operate in spite of washington. and because, first of all, you have a responsibility, shareholders employees customers, whatever, but you're a business. and you're there to run a business, and to make good products and get profit, and la, la, la, everybody's happy. so you have to do it even with the weight of washington strapped to your back every day. >> you said that you felt the last two years that businesses and your col
. >>> just a few minutes ago the commerce department reported a u.s. trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay area suicide. how first responders are defending themselves. >>> a new day a new tattoo for 49er star quarterback colin kaepernick. what he says the design represents. >>> a few showers around. partly cloudy and a cool breezy day. highs in the low 50s. >>> a judge may decide today if a family of a drowning man can sue the city of alameda. this incident happened memorial day 2011. it made nation-wide news. raymond zach died on a beach in alameda as rescuers watched him on shore. they could not help the man because they were not certified in wate
want a smaller deficit. hispanics are very much on the side of more government involvement. they want government services, they think that the government can do a lot to create jobs. they are very much in line with the democratic party and might be more pro government than the democratic party. if the republican party wants to woo voters, they need to adjust their message, not just on immigration, but also the economy and the basic principles about what the government can do. >> okay. aaron blake, thank you so much. appreciate that. >> thank you. >>> president obama preparing to move out of the white house oval office, work under way on a second oval office in the eisenhower executive office next door. the president will begin working there in august and make way for a two-year renovation of the white house west wing. >>> it's official. john kerry sworn in as secretary of state. duvall patrick has tapped his former top aide, william mo cohen to replace kerry until the june special election. scott brown took his name out of running yesterday. joining me now is frank phillips, who has b
's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in the power system triggered an automatic shutdown forcing backup systems to kick in. but they weren't sure
had the south african mine strikes which really put deficits there relative to the demand that's there. that put platinum and both palladium as well. >> sean, thanks. carl, thank you, as well. >> okay. coming up, folks. details on some looming job cuts on wall street. and we're also building up to the newsmakers of the morning. former treasury secretary robert rubin, in studio. that's a cnbc exclusive, folks, at 8:00 eastern. plus, chicago fed president charlie evans talking about the central bank's next move. do stay tuned. >>> tomorrow, a special edition of "squawk box." live from pebble beach. former yahoo! ceo carol bartz will be our guest host. we'll talk to at&t chairman and ceo randall stevenson. plus, the legendary clint eastwood. >> people have to get creative when the pressure is on. >> it all starts tomorrow at 6:00 a.m. eastern. >>> welcome back to "squawk." barclays capital saying it plans to lay off 275 employees at three offices in new york. it's blaming economic factors for the layoffs. the layoffs are going to take place during a 14-day period beginning may 5th. how do
has been the weakest recovery in 75 years and trillion-dollar annual deficits. the sequester will help the economy by leaving more capital for private investment. the sequester will surely require worker furloughs and cutbacks in certain nonpriority services. but most of those layoffs will happen in the washington, d.c., area. the recession-free region that has boomed during the obama era. >> wow. not a lot of republicans would agree with that because the sequester would hurt the pentagon. that's why they're talking about the d.c. area. >> can you raise my hand and say i'm one republican that would agree with that? we've got to cut defense spending. >> we have to. >> we've got to, and we've got to cut spending. >> willy-nilly, though. so the sequester is willy-nilly, isn't it? you wouldn't want to cut having the sequester do it? >> didn't congress make the sequester? >> that was a carrot and stick situation. the sequester is the stick. >> the problem is you can't get the president of the united states to put alternative cuts on the board. he'll talk in generalities. and the republicans
$745 million in budget deficits over the next decade because of a widening gap between how much they're actually making and spending. good luck, ravens. gretch? >> gretchen: thank you, brian. "fox & friends" has gone to the dogs. champion dog, that is. the westminster kennel club dog show, america's second longest continuously held sporting event. today we're honored to have some of the pups competing. joining me live, the voice of the westminster kennel club, david frye. hard to believe it's been another year. >> it goes by fast. >> gretchen: so what's this beautiful creature? >> this is a tibetan mastiff. it's again, we talk about new breeds, it just means they're newly recognized because they've been around for thousands of years. we finally got them out of tibet and over here to this country. you can see what a wonderful regal dog it is nonresponsive this is in the working class. >> yes. kondra. >> gretchen: let's have her go off with her owner. how much does she weigh? >> probably 140 or 50 pounds. >> gretchen: then the little guy. i used to have a jack russell terrier. that's w
. the president has also been slammed for ignoring his deficit commission." so is he at odds with eric cantor? is he right? >> well i've chose on it stay out of the politics and try to focus on policy and particularly try to focus on building bipartisan support for policies around entrepreneurialship. the reason we're the leading competent in the world isn't the work of an accident but entrepreneurs. focusing on people and watching that, ultimately in the action of playing companies but washington plays a role making it easier to invest, improving access to talent around immigration, improving access to capital with crowd funding and ipos with the jobs act, it only can happen in a bipartisan way so i understand kind of the debates and the fun when people go back and forth with the talking points. the reality is republicans and democrats have come together around entrepreneurship over the past couple years, we need to continue to build progress with or without a jobs council and that's what i'll continue to try to help facilitate. >> steve case thank you for joining us this morning. we appreci
28- 6. no team has ever come back from a 10-point deficit to win the super bowl. but the 9ers came roaring back. you can sea the kaepernicking ner -- you can see the kaepernicking back. the ravens ended up winning, 34- 31. the super bowl crowds around san francisco were relatively calm but san francisco police still made some arrests, 25 people were arrested for public intoxication, one person was arrested for trying to start a fire. police say things got out of hand at 24th and hampshire when people through bottles but no one was hurt. there were concerns there would be a repeat of the violence and vandalism like after the world series but for the most part crowds made their way home peacefully. >>> a different story in baltimore. not surprisingly there was a big celebration for ravens' fans. this is what it looked like after the ravens won. you can see the streets in baltimore filled with excited people. police had to shut down traffic when fans try to tip some cars over. >>> well, the super bowl was stopped for 34 minutes when the lights went out. it happened just after the thir
trade deficit narrowed sharply in december. stocks are also boosted by strong earnings reports. the dow up 62. the nasdaq is up 26. >>> the united states justice department is considering a lawsuit against moody's for defrauding investors. it's sources say the government could wait until that has worked its way through the courts before taking action against moody. both services accused of inflating the ratings of some mortgage bonds to drive business leading to the subprime meltdown. >> will -- the gains are look for another sweep. pam cook is in studio now with what goes on outside the ballpark. >> reporter: that's right. the giants are asking you to join the team in another big sweep. >> the giants have won it all. playing off the sweep in the world serious they are teaming up with public works to clean up the streets of san francisco. san francisco has been voted one of the dirtiest cities in the country and if you have been there recently or live there you know there is a lot of trash on the streets. the mayor is revealing the detail this is morning of his plan to go after the k
and that means getting the deficit down and creating some certainty for business so that they feel comfortable hiring and investing again and really getting the economy moving. >> brian: i'll give you an example. i was shocked to see so many people feel he's killing al-awlaki with drones in yemen. what if the president of the united states gives the green light to take out a pick pocket or someone of his political enemies. that's some of the buzz that goes on. how do you get rid of that? >> there have always been conspiracy theories. going back to the founding of the republic, but i think the main thing is, brian, to focus on those things that resonate with people in their daily lives. as i mentioned, job security and growing the economy, getting the deficit down. the country is still heading to an unsustainable debt situation. the cost of college, the cost of health care. those basic bread and butter issues that the government starts tackling those, i think these conspiracy theories will have a lot less traction. >> brian: you believe the middle is the place to get the country back, don't you
out for the first time since president obama took office, the federal deficit will drop below $1 trillion. last friday, the dow jones closed above 14,000 for the first time in more than five years. january brought modest job growth and for the big three automakers, double digit gains. and for ten consecutive months, housing prices have gone up. it's a seller's market. yesterday, president obama warned congress to avoid any self-inflicted wounds. rob and diana, back to you. >> so if you're trying to do the math here and keep up, we remember that deal at the end of the year. that's what set the taxes higher for those making $400,000 and as part of that deal, they put off those massive cuts. now they're saying march 1. that is different from the may deadline they've come up with, which is the debt ceiling. so they've passed a law to temporarily not enforce that debt ceiling until may. so two big deadlines. march 1 and may 18. >> we do a lot of kicking the can. but almost always they come to a resolution in the 11th hour, like karen said. and there is some encouraging news, 157,000 n
where we extol the virtues of good business and fiscal policy and we fight the deficit and we don't advocate the printing of money in obscene amounts just to cover our debts. we have to rein in entitlements. >> steve: look at that! you've already got your stump speech down. if you do run for senate, though, you can't be on tv or the radio. >> you know, the senate race is still a good year away, steve. so i've got some time to hone a message, get around and ride my harley to all parts of garden state. >> steve: look, i think brian's got a campaign -- >> i hope i can count on brian. >> brian: a new bumper sticker. >> gretchen: are you going to do it? >> i very well may. erica and i are talking about it. remember, i believe in immigration reform. i believe in gay rights and gay marriage. i believe in choice. not obscenely, but i believe in roe v wade. so you have to take my fiscal positions on being a republican who believes that we have to bail out future generations rather than in debt future generations with some of these social policies that aren't in sync with traditional politi
and then also address the largest drivers much our debt and deficit mandatory spending programs. medicare, medicaid, social security that have not solvent. if we don't fix them and reform them. we will overwhelm our budget in a way that we continue to chop our budget the way you have seen the defense budget. it way you have see this administration do it. failure of leadership. chong the military ainstead much addressing the real problems of out-of-control spending. russia and iran being closer to having a nuclear weapon. are we really thinking that -- i mean, what can we possibly do in our lawmakers are not balancing the books the way that they should be? >> well, we demand change. i mean, my organization concerned vets for america trying to inject veterans voice into this discussion to say we understand what a threat looks like. i have walked on the battlefield and i know what a bad guy looks like. if we don't get our spending under control as admiral mullen says the single largest threat to national security. dysfunction is washington is the biggest threat we face. if we don't get these
Search Results 0 to 41 of about 42 (some duplicates have been removed)